News Flash

Economic Development

Posted on: July 11, 2023

AI technology and its impact on business

AI Technology and Its Impact on Business
Artificial Intelligence, or AI, is quickly becoming one of the most important technologies in business today. From streamlining customer service to predicting consumer behaviors and trends, AI technology is changing the way businesses operate and how they reach their customers. According to a January 2023 article published by the Computing Technology Industry Association (CompTIA), 35% of companies in the U.S. are using AI now and 42% are exploring it for future implementation. The same article cites companies are using AI to automate processes, enhance customer service and personalization, increase output and analyze data.

AI Technology for Automation and Efficiency
One of the biggest benefits of AI technology is its ability to automate processes that were once done by people. 

MD7, a digital infrastructure consultancy that helps build and manage digital infrastructure assets, moved its North American headquarters from San Diego to Allen in 2021. It has begun employing AI for an aspect of its business and has realized tremendous labor efficiencies as a result. As Mark Christenson, President, International for MD7, explains that AI technology has proven highly useful with the real estate lease abstractions and auditing component of the business, creating incredible efficiencies relative to time and labor. “What used to take us 100 people, we can now do with somewhere between one and five people,” Christenson said. “We have found that to be incredibly valuable because we can provide the same level of service and what the customer is asking at 1/20th or in some cases, even 1/100th the time that it took before.”

AI Technologies Making Predictions
Another big benefit of AI technology is its ability to make predictions based on data collected from consumers’ online behavior. This type of predictive analytics helps businesses understand what consumers are likely to buy or which products will be popular in the future. With this information, companies can tailor their marketing strategies accordingly or develop new products that meet consumer needs before they even know they have them. In addition to predicting consumer behavior, AI technology can also help companies identify potential problems before they occur and develop solutions accordingly.

AI Technology for Customer Service
Additionally, AI technology is being used to improve customer service by providing personalized experiences tailored to each individual user. Chatbots powered by natural language processing (NLP) are able to understand user queries and provide accurate responses quickly and efficiently. For example, chatbots powered by NLP can answer basic customer inquiries without requiring a live agent or redirecting users to other pages on a website for more complex questions. This type of automated customer service not only provides better experiences for customers but also helps streamline the customer service process so staff can focus on more important tasks.

Learn more about how Allen Economic Development Corporation supports Allen's growing business community.

Facebook Twitter Email